Application of the Pinwheel risk management in British Petroleum
Oil and natural gas are the two most important sources of energy. Judicious utilization of these resources helps the companies to attain sustainability in their products and services. British Petroleum is one such name. On the contrary, excess utilization of these resources escalates the intensity of the risk factors, which might take a toll on the health of the public domain. This establishes partial relevancy with the proposed topic. Application of effective management techniques helps companies, such as British Petroleum to regulate the occurrence of risks. Herein, lays the justification of equal placement of the aspects “risk” and “management”.
British Petroleum is a name, which has achieved accolades and glory for producing high quality oil and natural gas (bp.com 2017). However, alignment of the concept of risks in this context reduces the glorious journey of the company. Countering this, adoption of PINWHEEL framework nullifies the tag of “situational crisis for the company. Specifically, this adoption has altered the approach of the company towards confronting intensified risks.
Effective adherence to the integrated framework of PINWHEEL framework added value to the organizational operations (Sun et al. 2016). Minute speculation of the operations enabled the organizational personnel to identify the potential risk factors. This speculation assisted the personnel to apply the available solutions for mitigating the intensity of the encountered risks (bp.com 2017). This application enhanced the intelligence of the personnel in terms of approaching the risks. Herein, lays the effectiveness of the first stage of PINWHEEL framework.
As a sequential step, this application attained prime importance in re-constructing the vision of the company. This construction, in turn, enhanced the approach of British Petroleum personnel towards the lessening the harmful effects of the risk factors. The enhanced vision took the organizational personnel a step forward towards the identified goals and objectives (Malhotra, 2014). Herein, lays the conjoined effectiveness of the second and third step of the framework. By the fourth step of the PINWHEEL framework, the personnel of British Petroleum exposed determination in terms of prioritizing the important tasks. Herein, lays the benefits of strategies, which systematized the organizational operations.
The creation and development of effective plans was a major assistance in terms of refining the attitude towards risks management (Shuen et al. 2014). This creation supported the personnel to analyze the effectiveness of these plans in terms of the organizational requirements. Risks are the criticality in this direction, which contradicts with the word “effectiveness”. Herein, lays the effectiveness of the fifth stage of the framework, which enhanced the self-organizational skills of the employees.
The consciousness is an indication, which aided in the attainment of workplace professionalism. The seventh stage aligns with the role of the managers in monitoring the internal performance of the employees (Bergh et al. 2014). Herein, lays the effectiveness of the seventh stage, which made the managers beneficiary of the effective monitoring techniques. This application resulted in the excavation of the drawbacks, which acted as an obstacle in the efficient execution of the organizational tasks. The penultimate stage helped the organization to assess their performance within the competitive ambience of market (Urciuoli et al. 2014). The major drive behind this is the strategies, which systematized the organizational operations in terms of their priority.
Advantages of using the Pinwheel framework
The word “wheel” in the name of the framework projected its functionality towards the organizational success of British Petroleum. As a matter of specification, the wheel can be considered as a crucial element for the organization, in terms of altering their predicament. The points in the wheel are the indicators or stepping stones, which enhanced the reputation of the organization. The conjunction of the stages might be a distortion of the integrated structure of the wheel (Yusuf et al. 2014). However, it aligns with the experimental capabilities of the organizational personnel towards the effective risk management.
The action of evaluation in the first instance is the exposure of matured approach towards the execution of organizational activities in an efficient manner (bp.com 2017). . Effective and judicious application of evaluative study can be correlated with the attempts to modify the exposed performance in terms of organizational requirements. Consideration of criticality in this evaluation is the gradual progression towards the professional development (Liu et al. 2016). Countering this, beautification of the personality leads to the attainment of professionalism in the workplace herein, lays the effectiveness of the action of “refining” in the second stage of the wheel framework.
Prior to the evaluation, the personnel of British Petroleum carried out market research, which made them aware of the customer approaches towards the encountered risks. Along with this, this research played an important role for the organization in terms of providing an insight into the substitutes, which might hamper their organizational activities (Mendes et al. 2014). Exposure of spontaneity in this direction bears correlation with the attribute of determination in the fourth stage of the PINWHEEL framework.
For the attainment of this professionalism, determinant attitude is essential. Herein, lays the conjunction of fourth and the third stage. Countering this, this conjunction broadens the scope and arena of the discussion. On the other hand, it also enhances the perspectives of the personnel about effective management of risk (North et al. 2014). Viewing it from another perspective, it can be linked to the seventh stage, which adds to the personality of the managers of British Petroleum (bp.com 2017). Utilization of risk assessment templates is a typical example in this context.
Consideration of the first and the last stage, evaluation makes the personnel capable of assessing their performance in terms of enjoying competitive advantage over the contemporary brands (Ngoasong, 2014). Countering this, assessment of the exposed performance also helps to evaluate the performance as compared to the other brands.
Raufflet, Cruz and Bres (2014) asserted that interplay with the stages can be linked with the attempts undertaken by the organizational personnel to analyze their performance in terms of risk management. Aligning the threat of new entrants in this context relates to the action performed by a “pin”. Placement of this pin and wheel together, contradicts the inner essence of management in terms of the risks encountered by British Petroleum. The risks relate with the stinging pain through the encounter of failures in terms of ensuring the wellbeing of the stakeholders and shareholders. McGowan (2014) argued that effective utilization of the PINWHEEL framework acts as an address to the pain. On the contrary, this utilization broadened the approaches of the personnel towards managing the intensity of the potential risk factors in an efficient manner (Penning-Rowsell et al. 2014). Achievement of success in this direction upgrades the status of the managers among the employees of British Petroleum.
Evaluation for applying the framework
Cole, Gine and Vickery (2016) mentioned that this upgrading places wheel before the word pin. This is in reference to the alteration of the plight of British Petroleum after the utilization of the integrated framework. The aspect of determination leads to the uplifting the personality of the personnel. Determinant attitude includes prioritization of the tasks, which develops relevancy with the organizational requirements (Wu and Wu 2014). Strategies are the agent, which helps the personnel in the attainment of this prioritization. Herein, lays the benefits of the fourth stage.
Interlinks between the stages can be aligned with the coordination among the functional units of the organization. Vilko and Ritala (2013) stated that the attribute of coordination aided the personnel to expose collaborative outputs in terms of risk management. This situation makes the fact, “United we stand, Divided we fall, tautologically true for the organization. Unity conjoins the efforts of the personnel towards mitigating the intensity of the potential risks (Marcelino-Sádaba et al. 2014). The action of falling can be linked with the incapability to make judicious utilization of the PINWHEEL framework.
Taking the discussion a step forward, the framework played an important role in bringing noticeable changes within the operations of British Petroleum. The major drive behind this is the consistent approach towards the execution of evaluative study. This consistency bears resemblance with the determinant attitude of the fourth stage of the framework (Bromiley et al. 2015). The managers were the main beneficiary of this framework, which acted as an inspiration for the employees to expose better performance. Equal distribution of works among the employees, after the creation and development of effective plans is a conscious approach of the managers toward restoring normalcy within the workplace environment. This step added to the coordination among the functional units of the organization, enhancing the concept of partnership working (Li et al. 2014). This motive acted as an effective address to the risks, which adds value to the aspect of management.
The adoption of Pinwheel framework prepared the employees to expose flexibility towards confronting any kind of situation, including the risks. Adoption of risks assessment templates is a typical example in this case, which helped the managers of British Petroleum to monitor the performance of the employees (Paltrinier and Khan 2016). This proved beneficial in terms of assessing their exposed performance with the ambience of competition in the market.
The circular motion of wheel resembled the life journey of the organization, British Petroleum, ranging from evaluation to the assessment. Both the actions are interlinked, which assisted the organization to review their performance in terms of achieving the identified and the specified goals (Paltrinieri and Khan 2016). The attribute of determination is the medium of expression, which gradually assisted the personnel to attain professionalism in the workplace.
Through this discussion, evaluation, determination and assessment is excavated out. These three things helped British Petroleum to expand their market size, scope and arena. Maintenance of consistency in the execution of evaluation acted as an agent in the achievement of large-scale customer satisfaction. The adjective large-scale relates with the widespread glory of the organization. Countering this, exposure of determinant attitude in the execution of the tasks helped the personnel to assess and compare their performance with the contemporary brands (Bromiley et al. 2015). This assessment was a gradual progression towards the evaluation, which helped in reviewing the exposure of self-performance.
One of the other benefits of the Pinwheel framework is the ability to excavate the critical issues, which enhanced the self-organizational skills of the personnel. Achievement of success in this direction paved the way of professional development through personal development. Herein, lays the effectiveness of the seventh stage. Undertaking of initiatives relates to the response of the personnel towards modification of the internal environment. Wu and Wu (2014) commented that effective consideration of risks in this context is itself an indication, which beautifies the internal environment. This beautification is an access for British Petroleum in terms of expanding their business into the foreign markets.
The action of penetration adds to the letter “P”, which is the valuation of the Pinwheel framework by the British Petroleum. Viewing it from another perspective, the parameter of British relates to the widespread glory of the organization upon its entry into the threshold of foreign markets (Bergh et al. 2014). The consideration of letter “I” adds to the attribute of determination, which adds to the individuality of the organizational personnel. Attaching the concept of wheel is the radically transformation of the personality, which is flexible enough for altering the plight of the organization as a whole.
Ngoasong (2014) stated that adherence to the legislative framework adds value to the application of this framework. As a matter of specification, it added a legal touch to the business activities, which enabled the organization to attract customers, stakeholders and shareholders across the globe. Moreover, it reduced the instances of discrimination, harassments among others. This reduced escalated the provision of safe and comfortable workplace to the employees, which resulted in the upgrading their performance.
Conclusion:
This report emerges successful in establishing a critical study of the PINWHEEL framework in terms of the performance of British Petroleum. The integrated structure of the framework aligns with its functionality. Judicious utilization of this framework results in the upgrading the performance of the personnel of the organization. The expansion of the market size nullifies the limitation of British and adds to the widespread reputation of the organization. Interlink between the stages relates with the experimentation capabilities of the organization personnel towards risk management.
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